Not long ago, Elon Musk, CEO of Tesla, had raised concerns over twitter’s stand regarding cyberspace free speech and the First Amendment.
Musk’s criticism of the platform continued for a while. Musk had run a poll asking the Twitter users if the platform fostered “free speech”. 70% of the respondents had said “No” to it. When he tweeted the infamous “going private” message, Musk had rubbed the platform’s security regulators the wrong way. Musk didn’t stop at that. He went on to run a poll asking Twitter users if they wanted an “edit” button, to which 73% said yes.
Twitter had deliberated on the said functionality for years. But Musk’s poll had compelled Twitter to state that it would be implementing the Edit button.
And out of the blue, Musk announced his 9.2% stake in the company. Musk had purchased 73.49 million shares of Twitter and became the single largest holder of common shares.
Though it wasn’t clear what Musk was up to, as the news spread, Twitter’s stock price soared. Currently, Musk’s stake is considered a passive one which doesn’t give Musk any direct control of the platform. Still, with Musk, it is hard to say if that would stop him from exercising control in one way or other. Musk can now definitely pitch his viewpoint to the company in a way he couldn’t before.
It’ll be fascinating to see if Musk tries to modify the company’s policy or customer experience in the end. Twitter, as a well-established social media platform, is unlikely to give in so simply.